Brookfield's car battery maker Clarios makes IPO filing public

(Reuters) -Clarios International Inc, a car battery maker backed by Canada’s Brookfield Asset Management Inc, on Friday made public its paperwork for an initial public offering in the United States.

The company confidentially filed for listing in May and could be valued at over $20 billion in its IPO, Reuters had reported.

That valuation would make Clarios one of the biggest U.S. stock market debuts from the automotive sector this year. It expects to be listed on the New York Stock Exchange.

One in three cars on the road globally uses a battery made by Clarios, and its products are used in more than 140 countries, according to the company’s website.

Clarios is also backed by Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s biggest state pension investors.

The company recorded $7.6 billion in revenue for the year ended Sept. 30, 2020, its filing showed, a drop of 11% from a year ago as the pandemic bruised demand.

It will start trading under the symbol “BTRY”. BofA Securities and J.P. Morgan are the lead underwriters for the offering.

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